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Suncorp is set to exit the commercial property sector with $3 billion worth of commercial property investment lending to be shifted to its ‘non-core’ business and eventually run off.
The decision was made as a result of funding pressures, including its reliance on wholesale funding which it said has made the business uneconomic.
The bank’s ‘non-core’ business – which it set up last year – has now grown to $16.8 billion but the bank anticipates this will reduce to less than $2 billion by 2014.
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Suncorp will now focus on its retail banking business with intentions to source up to 60 to 70 per cent of its funding requirements from its retail deposit base.
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